NetJets starts India operations, eyes China
MUMBAI, March 19 (Reuters) - Private jet firm NetJets is starting operations in India and will look at a partnership in China as it taps fast-growing markets outside its traditional base of the United States and Europe, a senior official said.
NetJets, a unit of billionaire investor Warren Buffett’s Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research), expects strong economic growth and rising incomes in Asia, the Middle East and Latin America will boost demand for private aviation.
NetJets, which sells fractional ownership in private jets to individuals and companies, operates more than 750 aircraft now.
“In India, wealth creation is taking place at a phenomenal pace,” said John Colucci, executive vice president, at a news conference with local partner Ashish Chordia, who represents luxury brands such as Porsche (PSHG_p.DE: Quote, Profile, Research) and Fendi in India.
“We think we’ll get to our first 100 customers in India very quickly, and that will be just the tip of the iceberg,” he said.
There has been a 400 percent increase in the number of NetJets business flights to and from India in the last four years, Colucci said, adding the firm will be targeting high net worth individuals as well as businesses in India.